Service industry takes up 80% of new jobs says ADB

The service sector, particularly business process outsourcing, tourism and the retail trade, accounted for almost 80% of new jobs in the Philippines in the past few years, according to the Asian Development Bank (ADB). The Manila-based international lender issued the statement even as it noted that the jobless rate of young people aged 15 to 24 years old in the country remains higher at 14.4%. The ADB has urged the government to create more quality jobs for youth as a survey showed that Filipino college graduates often acquire low-quality jobs because of the time it takes to find work. The ADB said mismatches between the education and skills young people acquire, and the needs of the labor market are a constraint.